Shoals Technologies Group Inc (SHLS) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Shoals Technologies Group Second Quarter 2023 Earnings Conference Call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Mehgan Peetz, Chief Legal Counsel for Shoals Technologies Group. Thank you. You may begin.

下午好，歡迎參加 Shoals Technologies Group 2023 年第二季度收益電話會議。今天的電話會議正在錄音，我們分配了 1 個小時來準備發言和問答。這次，我想將會議交給 Shoals Technologies Group 首席法律顧問 Mehgan Peetz。謝謝。你可以開始了。

Thank you, operator, and thank you, everyone, for joining us today. Hosting the call with me are CEO, Brandon Moss; President, Jeff Tolnar; CFO, Dominic Bardos; and VP of Investor Relations, Dhaval Patel.

謝謝運營商，也謝謝大家今天加入我們。與我一起主持電話會議的是首席執行官布蘭登·莫斯 (Brandon Moss)；主席：傑夫·托納爾；首席財務官多米尼克·巴爾多斯；投資者關係副總裁 Dhaval Patel。

On this call, management will be making projections or other forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. As you listen and consider these comments, you should understand that these statements, including the guidance regarding full year 2023 are not guarantees of performance or results. Actual results could differ materially from our forward-looking statements if any of our assumptions are incorrect or because of other factors.

在這次電話會議上，管理層將根據當前的預期和假設做出預測或其他前瞻性陳述，這些預期和假設存在風險和不確定性。當您聆聽並考慮這些評論時，您應該了解這些陳述（包括有關 2023 年全年的指導）並不能保證業績或結果。如果我們的任何假設不正確或由於其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。

These factors include, among other things, the risk factors described in our filings with the Securities and Exchange Commission as well as economic and market circumstances, decreased demand for our products, policy and regulatory changes, industry conditions, current macroeconomic events, defects or performance problems in our products or their parts, including those manufactured by third parties and related warranty and product liability claims, supply chain disruptions and availability and price of our components and materials.

這些因素包括但不限於我們向美國證券交易委員會提交的文件中描述的風險因素以及經濟和市場環境、對我們產品的需求下降、政策和監管變化、行業狀況、當前宏觀經濟事件、缺陷或績效我們的產品或其零部件的問題，包括第三方製造的產品及其零部件以及相關的保修和產品責任索賠、供應鏈中斷以及我們的零部件和材料的可用性和價格。

Although we may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. We caution that any forward-looking statements included in this discussion is made as of the date of this discussion and do not undertake any duty to update any forward-looking statements.

儘管我們可能表明並相信前瞻性陳述所依據的假設是合理的，但任何假設都可能被證明是不准確或不正確的，因此，不能保證前瞻性陳述中預期的結果將會實現。我們提醒您，本次討論中包含的任何前瞻性陳述均是自本次討論之日起做出的，並且不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's second quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable financial measures.

今天的演示還提到了非公認會計準則財務指標。您應該參考公司第二季度新聞稿中包含的信息，以了解歷史非公認會計原則指標與可比財務指標的定義信息和調節表。

With that, let me turn the call over to Shoal's new CEO, Brandon Moss.

接下來，讓我將電話轉給 Shoal 的新任首席執行官布蘭登·莫斯 (Brandon Moss)。

Thank you very much, Mehgan, and good afternoon, everyone. I'm excited to join you this afternoon on my first earnings call as Shoal's CEO. I want to thank everyone on the team for being so welcoming, helpful and open. Prior to taking the position here, I was most recently at Southwire Company. Southwire, as many of you may know, is a global leader in the wire and cable space. My last position there was President of Tools, Components, & Assembled Solutions Business. During my tenure, we built an adjacent product strategy into a large business supporting 3 product platforms, with domestic and international manufacturing as well as a global supply chain.

非常感謝梅根，大家下午好。我很高興今天下午能與大家一起參加我作為 Shoal 首席執行官的第一次財報電話會議。我要感謝團隊中的每個人都如此熱情、樂於助人和開放。在擔任此職位之前，我最近在 Southwire 公司工作。正如你們許多人所知，Southwire 是電線電纜領域的全球領導者。我的最後職位是工具、組件和組裝解決方案業務總裁。在我任職期間，我們將相鄰的產品戰略打造為一個支持 3 個產品平台的大型企業，擁有國內和國際製造以及全球供應鏈。

I've always admired Shoals for its innovative and entrepreneurial approach to creating simple solutions and a terrific value proposition. Over the past few weeks here, I have become even more impressed with the company as I have met with the team. I appreciate the mission-driven culture at Shoals. Our employees have immense dedication to each other, the company, the community and to enabling the green energy transition. I think you will recognize this in our recently released 2022 ESG report.

我一直欽佩 Shoals 以其創新和創業方法來創建簡單的解決方案和出色的價值主張。在過去的幾周里，當我與團隊會面時，我對公司的印象更加深刻。我欣賞肖爾斯以使命為導向的文化。我們的員工對彼此、對公司、對社區以及對實現綠色能源轉型有著巨大的奉獻精神。我想您會在我們最近發布的 2022 年 ESG 報告中認識到這一點。

Before we move on today, I want to take a moment to recognize Jeff Tolnar, who has helped guide the organization by serving as interim CEO since March. I look forward to working with Jeff in his role as President. As Shoals moves to its next chapter, I'm honored to lead the company and partner with the extraordinary team whose hard work has delivered fantastic growth.

在我們今天繼續之前，我想花點時間向 Jeff Tolnar 致意，他自 3 月份以來擔任臨時首席執行官，幫助指導該組織。我期待著與傑夫擔任總裁合作。隨著 Shoals 邁向新篇章，我很榮幸能夠領導公司並與非凡的團隊合作，他們的辛勤工作帶來了驚人的增長。

And with that, I'll turn it over to Jeff.

有了這個，我會把它交給傑夫。

Thanks, Brandon. We're very excited to have you on board. Schultz had another outstanding quarter, and I'd like to thank our employees, partners and customers for their support and contributions to our success. I'm especially grateful to the Shoals team for supporting me over the last several months in my role as interim CEO. I'm now excited to turn the reins over to Brandon, who I know will do a great job leading the company in its next phase of growth.

謝謝，布蘭登。我們非常高興您的加入。舒爾茨又度過了一個出色的季度，我要感謝我們的員工、合作夥伴和客戶對我們成功的支持和貢獻。我特別感謝 Shoals 團隊在過去幾個月擔任臨時首席執行官期間對我的支持。我現在很高興將領導權移交給布蘭登，我知道他將在領導公司下一階段的增長方面表現出色。

I'll start with some key highlights from our second quarter results, followed by an update on new product introductions and other growth initiatives and an overview of the Blattner master supply agreement. I'll then review current solar market conditions before turning it over to Dominic, who will discuss our financial results in more detail for the second quarter.

我將首先介紹第二季度業績的一些關鍵亮點，然後介紹新產品推出和其他增長計劃的最新情況，以及布拉特納主供應協議的概述。然後，我將回顧當前的太陽能市場狀況，然後將其交給多米尼克，他將更詳細地討論我們第二季度的財務業績。

Shoals set new records for revenue, adjusted EBITDA and adjusted net income in the second quarter. Compared to the prior year period, second quarter revenue grew 62%, driven by increased demand for domestic solar EBOS generally and our combine-as-you-go System Solutions specifically. Second quarter gross margin grew 350 basis points to 42.4% and adjusted EBITDA margin expanded 550 basis points to 32.4%.

Shoals 第二季度的收入、調整後 EBITDA 和調整後淨利潤均創下新紀錄。與去年同期相比，第二季度收入增長了 62%，這主要得益於國內太陽能 EBOS 需求的增長，特別是我們的即用即用系統解決方案的需求增長。第二季度毛利率增長 350 個基點至 42.4%，調整後 EBITDA 利潤率增長 550 個基點至 32.4%。

The margin growth we achieved in the second quarter was driven by a higher mix of System Solutions revenue, continued leverage around fixed costs and enhanced operating efficiency resulting from the operational initiatives implemented earlier this year. Demand for Shoals' products remains very strong, and we ended the quarter with record backlog and awarded orders of $546.1 million, an increase of 67% year-over-year.

我們在第二季度實現的利潤增長得益於系統解決方案收入組合的提高、圍繞固定成本的持續槓桿以及今年早些時候實施的運營計劃帶來的運營效率的提高。對 Shoals 產品的需求仍然非常強勁，本季度結束時，我們的積壓訂單創歷史新高，並獲得了 5.461 億美元的訂單，同比增長 67%。

System Solutions revenue grew 80% compared to a year ago, reflecting strong growth in U.S. utility scale solar demand and continued share gains by our products. During the quarter, we converted one additional customer to our combine-as-you-go system, bringing the total number of BLA customers to 43 with an additional 14 in transition.

系統解決方案收入與去年同期相比增長了 80%，反映出美國公用事業規模太陽能需求的強勁增長以及我們產品份額的持續增長。在本季度，我們將另外一位客戶轉換為即用即收系統，使 BLA 客戶總數達到 43 家，另外還有 14 家正在轉型。

We are progressing as planned with new product introductions for 2023. In the second quarter, we began shipping our BLA+ system solution and recorded first revenues on schedule. Quotes for our BLA+ system continue to grow after our global commercial launch earlier this year. We recently announced the commercial launch of Snapshot I-V, formerly known as I-V curve trace.

我們正在按計劃在 2023 年推出新產品。第二季度，我們開始交付 BLA+ 系統解決方案，並按計劃實現了第一筆收入。自今年早些時候我們在全球商業推出後，BLA+ 系統的報價持續增長。我們最近宣布推出 Snapshot I-V（以前稱為 I-V 曲線跟踪）的商業版本。

Snapshot I-V is an ecosystem of products that integrate seamlessly into solar asset management systems. The solution remotely monitors the health and performance of PV modules at a very granular level over the life of the system. I'm very excited about Snapshot I-V. The technology has applications in existing solar fields in addition to our typical market of new deployments.

Snapshot I-V 是一個產品生態系統，可無縫集成到太陽能資產管理系統中。該解決方案在系統生命週期內以非常精細的水平遠程監控光伏模塊的運行狀況和性能。我對 Snapshot I-V 感到非常興奮。除了我們典型的新部署市場之外，該技術還應用於現有的太陽能領域。

Moving on to other products. We remain on track to commercially launch high-capacity plug-and-play harnesses and connectors in the second half of 2023. In battery energy storage, we continued to ship and fulfill the 1-gigawatt DC best project. EV solutions is gaining further traction in the market with some very exciting projects deployed, others awarded and a continued launch of new products to build out the portfolio.

轉向其他產品。我們仍有望在2023年下半年商業化推出高容量即插即用線束和連接器。在電池儲能方面，我們繼續交付並完成1吉瓦直流最佳項目。電動汽車解決方案在市場上獲得了進一步的關注，部署了一些非常令人興奮的項目，其他項目獲獎，並不斷推出新產品來構建產品組合。

I'm excited to say that our international revenue backlog and awarded orders continues to grow. To fulfill our international demand, we're exploring international production options.

我很高興地說，我們的國際積壓收入和已獲訂單持續增長。為了滿足我們的國際需求，我們正在探索國際生產選擇。

Now I would like to discuss the landmark 10-gigawatt MSA signed with Blattner Company, which we announced in the second quarter. We are very excited about the agreement, which ensures mutual needs are met. For Shoals, the MSA further strengthens project visibility, enabling us to optimize capital allocation and invest to best support our customers and their needs. At the same time, Blattner benefits from surety of supply, which allows better project planning to ensure time lines are met. I want to clarify that the majority of the agreement was already reflected in backlog and awarded orders at the time of the announcement.

現在我想討論一下我們在第二季度宣布的與 Blattner 公司簽署的具有里程碑意義的 10 吉瓦 MSA。我們對這項協議感到非常興奮，它確保了雙方的需求得到滿足。對於 Shoals 而言，MSA 進一步增強了項目的可見性，使我們能夠優化資本配置和投資，以最好地支持我們的客戶及其需求。與此同時，布拉特納受益於供應的保證，這使得更好的項目規劃能夠確保滿足時間表。我想澄清的是，在宣布這一消息時，協議的大部分內容已經反映在積壓訂單和已授予的訂單中。

Additional projects were added in the second quarter, and the balance will be added as projects are won by the customer. The most compelling reward of this agreement reflects a strengthening of our relationship with this very important customer.

第二季度增加了更多項目，當客戶贏得項目時，將添加餘額。該協議最引人注目的獎勵反映了我們與這個非常重要的客戶的關係的加強。

Turning to the solar market backdrop. Conditions remain favorable for the industry as a whole and for Shoals specifically. Project visibility continues to be strong, supported by quoting activity and order flow.

轉向太陽能市場背景。對於整個行業，尤其是淺灘來說，條件仍然有利。在報價活動和訂單流的支持下，項目可見性繼續保持強勁。

Now I'll take a moment to provide a brief update on the patent infringement complaints by ITC. The ITC accepted our initial complaints in June, and we most recently announced the issuance of a third key patent within our group of already filed claims.

現在我將花點時間簡要介紹一下 ITC 的專利侵權投訴的最新情況。 ITC 在 6 月份接受了我們的初步投訴，我們最近宣佈在我們已提交的索賠組中頒發第三項關鍵專利。

I would like to take a moment to say it was an honor to serve as interim CEO while the Board searched for the ideal candidate to lead Shoals in its next phase of growth. Having worked alongside Brandon for the last few weeks, I can say he is that person. And I'm excited about what we can achieve under his leadership in the coming years.

我想花點時間表示，在董事會尋找領導 Shoals 下一階段發展的理想候選人時，我很榮幸擔任臨時首席執行官。在過去幾週與布蘭登一起工作後，我可以說他就是那個人。我對未來幾年在他的領導下我們能夠取得的成就感到興奮。

I'll now turn it over to Dominic, who will discuss second quarter 2023 financial results.

我現在將其交給 Dominic，他將討論 2023 年第二季度的財務業績。

Thanks, Jeff, and good afternoon to everyone on the call. Second quarter revenue grew 62% versus the prior year period to $119.2 million. Similar to prior quarters, our higher sales volume was primarily driven by strong demand for our combine-as-you-go EBOS System Solutions, which comprised 86% of our revenue versus 77% in the prior year period.

謝謝杰夫，祝所有參加電話會議的人下午好。第二季度收入較去年同期增長 62%，達到 1.192 億美元。與前幾個季度類似，我們銷量的增加主要是由於對即用即用 EBOS 系統解決方案的強勁需求推動的，該解決方案占我們收入的 86%，而去年同期為 77%。

Gross profit increased 77% to $50.5 million compared to $28.6 million in the prior year period. Gross profit as a percentage of net revenue grew 350 basis points to 42.4% compared to 38.9% in the prior year period. The increase was driven primarily by a higher proportion of revenue from the company's combine as-you-go System Solutions, which carry a higher margin than our other products, slightly lower raw materials input costs, increased leverage on fixed costs and efficiencies gained in operations.

毛利潤較上年同期的 2860 萬美元增長 77%，達到 5050 萬美元。毛利潤占淨收入的百分比增長了 350 個基點，達到 42.4%，而上年同期為 38.9%。這一增長主要是由於公司的組合即用系統解決方案的收入比例較高，該解決方案的利潤率高於我們的其他產品，原材料投入成本略有下降，固定成本槓桿增加以及運營效率提高。

These gains were partially offset by a $9.4 million charge for a warranty expense predominantly due to a previously disclosed wire issue with a supplier. We recorded a noncash charge in the quarter to remediate known issues. We have not booked any offsetting recovery from the supplier.

這些收益被 940 萬美元的保修費用所部分抵消，這主要是由於之前披露的與供應商的電線問題造成的。我們在本季度記錄了一筆非現金費用，以修復已知問題。我們尚未向供應商預訂任何抵消回收。

Second quarter general and administrative expenses were $16.7 million compared to $13.3 million during the same period in the prior year. The year-over-year increase in general and administrative expenses was primarily related to increased wages and related taxes due to increased employee headcount to support our growth initiatives and requirements for being a public company.

第二季度一般及管理費用為 1,670 萬美元，而上年同期為 1,330 萬美元。一般和管理費用的同比增長主要與工資和相關稅費的增加有關，這是由於增加員工人數以支持我們的增長計劃和成為上市公司的要求而增加的。

Net income was $18.9 million in the second quarter compared to $7.3 million in the prior year period. Adjusted EBITDA increased 96% to $38.7 million compared to $19.8 million in the prior year period. Adjusted EBITDA margin increased 550 basis points year-over-year to 32.4%, reflecting the impact of higher gross margins and leverage on G&A expense.

第二季度淨利潤為 1890 萬美元，而去年同期淨利潤為 730 萬美元。調整後 EBITDA 增長 96%，達到 3870 萬美元，而上年同期為 1980 萬美元。調整後 EBITDA 利潤率同比增長 550 個基點，達到 32.4%，反映了毛利率和槓桿率上升對一般及行政費用的影響。

Adjusted net income grew 105% to $24.0 million in the second quarter compared to $11.8 million in the prior year period. During the quarter, we generated cash from operations of nearly $27.9 million. In the quarter, we used excess cash to pay down $25.0 million of the revolver. We will continue to prioritize growing the business and driving shareholder value. As of June 30, 2023, we had $546.1 million in backlog and awarded orders, an increase of 67% year-over-year, reflecting continued robust demand for our products.

第二季度調整後淨利潤增長 105%，達到 2400 萬美元，而去年同期為 1180 萬美元。本季度，我們從運營中產生了近 2790 萬美元的現金。本季度，我們使用超額現金支付了 2500 萬美元的左輪手槍。我們將繼續優先考慮發展業務和提高股東價值。截至 2023 年 6 月 30 日，我們的積壓訂單和已獲訂單達 5.461 億美元，同比增長 67%，反映出對我們產品的持續強勁需求。

Turning now to our full year outlook. Based on current market conditions and input from our customers, we continue to expect revenues to be in the range of $480 million to $510 million, adjusted EBITDA to be in the range of $145 million to $160 million, adjusted net income to be in the range of $92 million to $102 million, interest expense to be in the range of $22 million to $26 million and capital expenditures for the full year in the range of $8 million to $12 million.

現在轉向我們的全年展望。根據當前市場狀況和客戶的意見，我們繼續預計收入將在 4.8 億至 5.1 億美元之間，調整後 EBITDA 將在 1.45 億至 1.6 億美元之間，調整後淨利潤將在全年的資本支出為 9200 萬美元至 1.02 億美元，利息支出為 2200 萬美元至 2600 萬美元，資本支出為 800 萬美元至 1200 萬美元。

Now back to Brandon for closing remarks.

現在回到布蘭登致閉幕詞。

Thanks, Dominic. I'd like to close by thanking all of our customers for their confidence in Shoals, our employees for enabling us to effectively serve our customers and our shareholders for their continuous support. And with that, thank you, everyone. I appreciate your time today. We will now open the line for questions.

謝謝，多米尼克。最後，我要感謝所有客戶對 Shoals 的信任，感謝我們的員工使我們能夠有效地服務客戶，感謝股東的持續支持。在此，謝謝大家。我很感謝您今天的時間。我們現在將開通提問熱線。

(Operator Instructions) The first question comes from Philip Shen with ROTH MKM.

（操作員說明） 第一個問題來自 ROTH MKM 的 Philip Shen。

In the recent utility scale solar survey we conducted, a number of your customers said that you might be a little bit expensive. Just wanted to hear you talk about your thoughts on that. How do you deal with that as you're winning business? And do you expect to lower price anytime soon?

在我們最近進行的公用事業規模太陽能調查中，您的一些客戶表示您的價格可能有點貴。只是想听聽您談談對此的想法。當你贏得業務時，你如何處理這個問題？您預計很快會降價嗎？

It's Jeff. We get pushback from procurement officers all the time. It's a normal status quo of business for us. But I would say that we continue to focus on our value proposition, which is driven by total cost of deployment and ownership over time. So that's the initial capital, the labor to deploy ongoing maintenance.

是傑夫。我們一直受到採購官員的反對。這對我們來說是正常的業務現狀。但我想說，我們將繼續關注我們的價值主張，這是由部署和所有權隨著時間的推移的總成本驅動的。這就是初始資本，即部署持續維護的勞動力。

We're going to continue to look at our product offerings. We'll continue to look at the market and our customers. And one of the things that we're doing more strategically is aligning our view of the future with the customers' view of the future towards signing MSAs. You saw that with Blattner, that gives them certainty and Shoals certainty, and we expect to continue to do that with others.

我們將繼續關注我們的產品。我們將繼續關注市場和客戶。我們正在更具戰略性地做的事情之一就是將我們對未來的看法與客戶對未來的看法結合起來，以簽署 MSA。你在布拉特納身上看到了這一點，這給了他們和肖爾斯確定性，我們希望繼續與其他人一起這樣做。

That's great. I was wondering if you might be able to talk through those MSAs. Specifically, do you expect to announce something near term? Or do you think it might be more in 2024? It sounds like with the Blattner announcement, that put some other EPCs on notice in terms of needing to lock up supply.

那太棒了。我想知道您是否可以談談這些 MSA。具體來說，您預計近期會宣布一些事情嗎？或者您認為 2024 年可能會更多？聽起來，布拉特納的聲明讓其他一些 EPC 注意到需要鎖定供應。

Yes. I think that's fair. We're reaching out to all of our EPC and developer customers and partners and exploring their desires and needs for MSAs going forward. We're actively discussing with many, and we're hopeful to be announcing more in the near and long term.

是的。我認為這是公平的。我們正在聯繫所有 EPC 和開發商客戶及合作夥伴，探索他們對未來 MSA 的願望和需求。我們正在與許多人積極討論，我們希望在近期和長期內宣布更多內容。

The next question comes from Mark Strouse with JPMorgan.

下一個問題來自摩根大通的馬克·斯特勞斯。

Yes. This is Drew on for Mark. Congrats on the strong quarter. First question just on the solid mix here again in Systems Solutions. I mean it looks like that's the third quarter in a row in the mid-80s. Is that kind of a new run rate to think about? And then how do we think about that corresponding to the higher level of gross margin?

是的。這是德魯為馬克代言的。祝賀季度表現強勁。第一個問題是關於系統解決方案中的固體混合。我的意思是，這看起來像是 80 年代中期連續第三個季度。這是一種值得考慮的新運行率嗎？那麼我們如何看待與較高毛利率水平相對應的情況呢？

Yes. Mark -- or actually Drew, thank you so much. It's Dominic. Yes, the mix, as we kind of talked about last quarter, a lot of our growth is coming from our full System Solutions. And so we expect, I would say that as we've talked about it on the component business, while it's still important to us, may not experience the same level of growth as the rest of the business. So this high mix is something that we do consider valuable going forward and likely to be the right level for us.

是的。馬克——或者實際上是德魯，非常感謝你。這是多米尼克。是的，正如我們上季度談到的那樣，我們的大部分增長來自我們的完整系統解決方案。因此，我們預計，正如我們在零部件業務上討論的那樣，雖然它對我們仍然很重要，但可能不會經歷與其他業務相同的增長水平。因此，我們確實認為這種高度混合是有價值的，並且可能是適合我們的水平。

In terms of its impact on margin, we'll start lapping that level of mix again. These are the same types of margins that we ran back a couple of years ago. As you recall, in 2022, we did have some input cost challenges that we've now overcome in the first half of the year. And as we lap that, we should continue to see a very high mix of the System Solutions going forward.

就其對利潤率的影響而言，我們將再次開始研磨該混合水平。這些利潤率與我們幾年前的利潤率相同。您還記得，2022 年，我們確實遇到了一些投入成本挑戰，現在我們已在上半年克服了這些挑戰。當我們完成這一點時，我們應該會繼續看到未來系統解決方案的高度混合。

Got it. And then just an unrelated follow-up here. Exciting to hear about the Snapshot product there and the monitoring capabilities.

知道了。然後這裡只是一個不相關的後續行動。很高興聽到那裡的快照產品和監控功能。

Jeff, I believe you hinted that in the prepared remarks there that there's an ability to go back and upsell to prior sales there. Can you just talk a little bit about what that opportunity looks like and how you see that going forward?

傑夫，我相信您在準備好的評論中暗示，有能力返回並追加銷售到先前的銷售。您能否簡單談談這個機會是什麼樣的以及您如何看待未來的發展？

Yes, correct. You're spot on. The -- what I'm excited -- really excited about the product is two things: it gives the developer deeper insight into their solar field performance than we believe they have today; and it can also be sold to net incremental customers and net incremental projects; but also any deployed solar field, we believe, is an opportunity for us to sell that product into. So very excited about the offering, and we feel that it has broad applicability for improving maintenance and field performance.

是，對的。你說得對。讓我感到興奮的是，該產品真正令人興奮的是兩件事：它使開發人員能夠比我們今天認為的更深入地了解他們的太陽能場性能；也可出售給淨增量客戶和淨增量項目；我們相信，任何部署的太陽能發電場都是我們銷售該產品的機會。對此產品感到非常興奮，我們認為它對於改善維護和現場性能具有廣泛的適用性。

The next question comes from Jordan Levy with Truist Securities.

下一個問題來自 Truist Securities 的 Jordan Levy。

Just maybe to start out, I wanted to see if I could get your updated thoughts on sort of the outlook on the international front and the progress you've made there.

也許首先，我想看看我是否可以了解您對國際戰線前景以及您在這方面取得的進展的最新想法。

Yes. We're -- I think I mentioned in the prepared remarks, we're really excited about where the backlog of awarded orders and quoting activity is going with international. We're staying on track with our targeted markets that we've announced in prior quarters, Australia, countries in Europe and Latin America are the primary focus areas.

是的。我想我在準備好的發言中提到過，我們對國際訂單積壓和報價活動的進展感到非常興奮。我們將繼續致力於我們在前幾個季度宣布的目標市場，澳大利亞、歐洲國家和拉丁美洲是主要關注領域。

We're looking at more regionalization of production so that we can improve deliverable time frames and also cost to those customer sets. So overall, we're at a point where we're very, very excited about the growth and prospects of the international markets, and we're going to continue to look more deeply.

我們正在考慮更加區域化的生產，以便我們可以改善交付時間框架並降低這些客戶的成本。總的來說，我們對國際市場的增長和前景感到非常非常興奮，我們將繼續進行更深入的研究。

And you all might have talked to this before. But just on that same line of thought, are the dynamics internationally sort of the same that they are in the U.S. and that it's just teaching the customers of the value proposition and that sort of thing? Are there more dynamics that we need to think about there?

你們之前可能都談過這個。但同樣的思路，國際上的動態是否與美國相同，只是向客戶傳授價值主張之類的東西？我們還需要考慮更多的動態嗎？

That's a part of it, Jordan, for sure. It's market education. I would say if you look at each of those regions specifically, Europe tends to have smaller fields that have fewer and smaller block sizes, which lends better to a component-type solution, which Shoals has and Shoals enjoys, whereas Australia has a very large land mass and has that growing and more substantial size solar fields with larger blocks, which plays very well into our BLA solution. In Latin America, it tends to be a mix based on country and based on location.

這當然是其中的一部分，喬丹。這是市場教育。我想說的是，如果你具體觀察每個地區，歐洲往往擁有較小的油田，區塊大小越來越小，這更適合組件型解決方案，Shoals 擁有並且 Shoals 喜歡，而澳大利亞則擁有非常大的區塊。土地面積不斷擴大，太陽能發電場規模越來越大，區塊也越來越大，這在我們的 BLA 解決方案中發揮了很好的作用。在拉丁美洲，它往往是基於國家和地點的混合。

The best thing I would say is that we believe Shoals has the products to cover all those markets, and we feel that we can compete very, very well in each of those segments.

我想說的最好的事情是，我們相信 Shoals 擁有覆蓋所有這些市場的產品，並且我們認為我們可以在每個細分市場中進行非常非常好的競爭。

The next question comes from Joseph Osha with Guggenheim.

下一個問題來自古根海姆的約瑟夫·奧沙。

This is actually Hilary on for Joe. And I was just hoping we could first touch on the EV charging and just kind of how that's been going relative to expectations. Any color there would be great.

這實際上是希拉里為喬做的。我只是希望我們能夠首先討論電動汽車充電以及相對於預期的進展情況。任何顏色都會很棒。

We're still really excited about the market. We feel that the products that we've launched have differentiation, and the solution is resonating with our customers. The focus areas that we've mentioned in the past of fleet, school bus electrification and now workplace multiunit dwelling, those are still resonating.

我們仍然對市場感到非常興奮。我們覺得我們推出的產品有差異化，解決方案也引起了客戶的共鳴。我們過去提到的重點領域包括車隊、校車電氣化以及現在的工作場所多單元住宅，這些領域仍然引起共鳴。

We've got a fantastic list of customer prospects, and we're hoping to announce some soon. And like I said, we remain very, very excited about the EV application and e-mobility market and feel we've got the right product at the right time to help that market expand.

我們有一份很棒的潛在客戶名單，我們希望盡快公佈其中一些。正如我所說，我們對電動汽車應用和電動汽車市場仍然非常非常興奮，並認為我們在正確的時間提供了正確的產品來幫助該市場擴張。

Okay. Great. And then just following up on the earlier question around gross margin, understanding the systems is kind of pulling up that overall. But I was wondering if you could just kind of speak to some of these other offerings. There's been a lot of things kind of coming up. And just any detail on what the margin profile looks like for those? Anything there would be helpful.

好的。偉大的。然後，只要跟進之前有關毛利率的問題，了解系統就可以提高整體水平。但我想知道您是否可以談談其他一些產品。有很多事情即將發生。以及這些產品的利潤狀況的詳細情況嗎？那裡的任何事情都會有幫助。

Sure. So from a margin perspective, what we've talked about is that we really have a 40% target for all the products where we can truly drive value for our customers. And the margins that we've seen and delivered in the e-mobility international have met that corporate standard. So we like to say it's just on par with our corporate averages, and we continue to look for products that can drive that. So that's really the most we can say, we're not breaking up those segments yet, as you know.

當然。因此，從利潤角度來看，我們所討論的是，我們確實為所有能夠真正為客戶帶來價值的產品設定了 40% 的目標。我們在電動汽車國際領域看到和交付的利潤已經達到了該企業標準。因此，我們想說它與我們公司的平均水平相當，並且我們將繼續尋找能夠推動這一目標的產品。所以這確實是我們能說的最多的，正如你所知，我們還沒有分解這些部分。

The next question comes from Brian Lee with Goldman Sachs.

下一個問題來自高盛的布萊恩·李。

Maybe just as a follow-up to that one, Dominic. I think last quarter, you had sort of telegraphed that we should maybe not get too out over our skis in terms of gross margin cadence after the really strong results in Q1. I mean Q2 is still pretty strong here in the 42s. Do we hang out here at this level for the rest of the year?

也許只是作為那個的後續行動，多米尼克。我認為上個季度，您已經傳達了這樣的信息：在第一季度取得真正強勁的業績之後，我們可能不應該在毛利率方面過於過度。我的意思是 Q2 在 42 年代仍然相當強勁。今年剩下的時間裡我們還會以這種水平待在這裡嗎？

Or is there incremental investment that you called out early in the year that still hasn't played through the numbers and maybe you'd expect even further moderation from here? And then I have a follow-up.

或者，您在今年早些時候呼籲的增量投資是否仍然沒有通過數字體現出來，也許您預計今後會進一步放緩？然後我有一個後續行動。

Sure, Brian. So a couple of things. One is, as you know, we don't really provide specific quarterly guidance, but we have talked about investments that were being made midyear. We haven't announced anything from any new facilities, which a new rent, for example, was one of the things I was talking about that may impact gross margin in the back half of the year. And this quarter, we did have to take that other charge. So in terms of where the margins are, we do expect to be -- this target where we are now is very good for us.

當然，布萊恩。有幾件事。一是，如您所知，我們並沒有真正提供具體的季度指導，但我們已經討論了年中進行的投資。我們還沒有宣布任何新設施的任何消息，例如，新的租金是我所說的可能影響下半年毛利率的事情之一。本季度，我們確實必須承擔其他費用。因此，就利潤率而言，我們確實期望——我們現在的目標對我們來說非常好。

We have an implied EBITDA guide that's still very strong for the overall margin for the year, and our guidance really contemplates all the investments that we've talked about. So I don't see -- I can't give you specifics in terms of are we north of 42% or slightly below that, but we do expect our guidance range to fully allow us to get the EBITDA target that we've laid out.

我們有一個隱含的 EBITDA 指南，該指南對於今年的整體利潤率來說仍然非常強勁，並且我們的指南確實考慮了我們討論過的所有投資。所以我不認為——我無法向您提供我們是否超過 42% 或略低於該數字的具體信息，但我們確實希望我們的指導範圍能夠完全讓我們實現我們設定的 EBITDA 目標出去。

Okay. Fair enough. And then with respect to the guidance range, there's clearly been a lot of focus from investors around kind of the top line view. And you've had solid bookings for 2 straight quarters, good backlog coverage seemingly here. So curious what would be the gating factor to maybe have a more bullish view on revenue for the year. And then maybe what you're anticipating for bookings and backlog growth in the next few quarters. Any reason to not expect better bookings in the second half versus first half given typical utility scale seasonality in the U.S.?

好的。很公平。然後就指導範圍而言，投資者顯然非常關注營收的觀點。而且您已經連續兩個季度獲得了穩定的預訂，似乎這裡的積壓情況良好。很好奇什麼是可能對今年的收入持更樂觀看法的限制因素。然後也許是您對未來幾個季度的預訂量和積壓訂單增長的預期。考慮到美國典型的公用事業規模季節性，有什麼理由不期望下半年的預訂量比上半年更好？

Yes. So the first part on the guidance about the top side is one thing has been very consistent for us, and we really do look at our internal bottoms-up view as we build our guidance for the revenue side. We are looking at our backlog and awarded orders, and we know generally the time lines early in the year as to when things should be expected to be delivered.

是的。因此，關於頂部指導的第一部分對我們來說是非常一致的，在我們制定收入方面的指導時，我們確實會考慮內部自下而上的觀點。我們正在查看我們的積壓訂單和已授予的訂單，並且我們通常在今年年初就知道預計何時交付貨物的時間表。

So in terms of where we are now, we're sitting here on August 1 talking about our Q2 results. I would say that from a revenue perspective, we really feel comfortable in the guidance range that we've provided. We still have good visibility. Now there's always uncertainty in the market. You may have heard that from others about what's going on. Things may shift a quarter or a project might move in or out. But we feel very comfortable with that revenue range that we've given at this point in time.

因此，就我們現在的情況而言，我們將於 8 月 1 日坐在這裡討論我們的第二季度業績。我想說，從收入的角度來看，我們確實對我們提供的指導範圍感到滿意。我們仍然擁有良好的能見度。現在市場總是存在不確定性。您可能已經從其他人那裡聽說過正在發生的事情。事情可能會在一個季度發生變化，或者項目可能會遷入或遷出。但我們對目前給出的收入範圍感到非常滿意。

The next question comes from Colin Rusch with Oppenheimer.

下一個問題來自科林·魯什和奧本海默。

Can you talk a little bit about the wire ratio, what the nature of the technical problem was? And how expensive it was in terms of the number of customers, the number of shipments and how much time it was spread over?

您能談談線材比嗎？技術問題的本質是什麼？就客戶數量、發貨數量以及分散時間而言，成本有多高？

So a couple of things. Let me take that one on first, Colin. So this is an open investigation. We've communicated pretty much everything we can. In our Q, you'll see information about the wire issue that was limited to one of our suppliers in the subset of our products.

有幾件事。讓我先來說說這個，科林。所以這是一個公開的調查。我們已經盡我們所能進行了溝通。在我們的問題中，您將看到有關僅限於我們產品子集中的供應商之一的線路問題的信息。

The charge that we booked in the quarter, we believe, is adequate to do the remediation required, that's why we booked it. And we continue to explore this issue further. It is an ongoing open item for us, and we will continue to work with the supplier. We really can't disclose much about that. We certainly want to be very respectful of the supplier, and we're really taking our customer care first and foremost at heart. We are going to stand behind these products first to take care of our customers first and we'll deal with the supplier after that.

我們相信，我們在本季度預訂的費用足以完成所需的補救措施，這就是我們預訂的原因。我們將繼續進一步探討這個問題。這對我們來說是一個持續的開放項目，我們將繼續與供應商合作。我們確實不能透露太多。我們當然希望非常尊重供應商，並且我們確實將客戶服務放在首位。我們將首先支持這些產品，首先照顧我們的客戶，然後再與供應商打交道。

Okay. And then as we think about, Brandon, as you get into the seat and look at the opportunity to expand geographically, can you talk about some of the key levers you're seeing as available to the company to start driving accelerated sales into both Europe and Latin America?

好的。然後，當我們思考時，布蘭登，當您坐下來審視地域擴張的機會時，您能否談談您認為公司可以使用的一些關鍵槓桿，以開始推動歐洲和歐洲的加速銷售和拉丁美洲？

Yes. Colin, I appreciate the question and great to meet you. Look, we're day 12 with me on the job here. So admittedly, probably a little early to provide some comments around strategy at this point. Look, what I would say, number one, I'm excited to be here. It's a fantastic opportunity.

是的。科林，我很高興聽到這個問題，很高興見到你。看，我在這里工作已經是第 12 天了。因此，誠然，現在就戰略提供一些評論可能還為時過早。聽著，我想說的是，第一，我很高興來到這裡。這是一個絕佳的機會。

Shoals, as you know, has a tremendous reputation in the market. We've got a Tier 1 customer base. What I've seen here is an incredible culture, and I think there's a lot of opportunity ahead of us. Again, as you've seen with the numbers this quarter, the team has delivered, again, tremendous results. So I would ask maybe check back with me next quarter, and I think I'll be able to give some more specifics around strategy.

如您所知，Shoals 在市場上享有盛譽。我們擁有一級客戶群。我在這裡看到的是一種令人難以置信的文化，我認為我們面前有很多機會。正如您在本季度的數據中看到的那樣，該團隊再次交付了巨大的成果。因此，我想也許下個季度再與我聯繫一下，我想我將能夠提供有關策略的更多細節。

The next question comes from Kashy Harrison with Piper Sandler.

下一個問題來自 Kashy Harrison 和 Piper Sandler。

This is Luke Tilkens on for Kashy. I understand you're in the seat for 12 days, Brandon, and congrats on the new role. I guess kind of bigger picture, what are your kind of objectives for the first 6 months in the seat and things you're looking to learn about and accomplish?

我是卡什的盧克·蒂爾肯斯。我知道你已經就任 12 天了，布蘭登，祝賀你擔任新職務。我想從更大的角度來看，您在該席位的前 6 個月的目標是什麼？您希望了解和完成的事情是什麼？

Yes. Luke, thanks for the question. Great to meet you as well. Look, again, my goal here initially is to listen and learn before act, learning a lot about the solar market, learning a lot about the company in general. I've admired this business. The company has been able to really create tremendous, innovative approaches, create simple solutions for our customers.

是的。盧克，謝謝你的提問。很高興見到你。再說一遍，我最初的目標是在行動之前傾聽和學習，了解很多有關太陽能市場的信息，了解很多有關公司的總體信息。我很欣賞這個生意。該公司已經能夠真正創造出巨大的創新方法，為我們的客戶創造簡單的解決方案。

And the plan is to continue to really drive the business that way initially. I'm bringing experience to the job and rapidly growing a business platform. I did that at Southwire Company in our Tools, Components, & Assembled Solutions Business, stood up a few product platforms and an international manufacturing and global supply chain. So really, it's not simple.

我們的計劃是繼續以最初的方式真正推動業務發展。我正在為工作帶來經驗并快速發展業務平台。我在 Southwire 公司的工具、組件和組裝解決方案業務中做到了這一點，建立了一些產品平台以及國際製造和全球供應鏈。所以說真的，這並不簡單。

I look forward to leveraging that experience and continue to help scale the Shoals business to $1 billion-plus organization. And what's vitally important to me is to really continue what has made this company special at this point and it's the culture, it's the mission-driven values around here that have been really the cornerstone of this company's success. So excited to be part of the team here and really the mission thus far is listening and learning.

我期待利用這些經驗，繼續幫助 Shoals 業務規模擴大到價值超過 10 億美元的組織。對我來說最重要的是真正延續這家公司在這一點上的特殊性，它的文化，它以使命為導向的價值觀是這家公司成功的基石。很高興成為這裡團隊的一員，迄今為止的真正使命是傾聽和學習。

Great. And then I've got a follow-up question kind of on the discussion on the new Snapshot I-V product. Wondering what kind of the revenue strategy is with that? It seems like it could possibly be more of a software recurring revenue model. Or are you guys just thinking about this from a onetime hardware sale?

偉大的。然後我有一個關於新 Snapshot I-V 產品討論的後續問題。想知道這是什麼樣的收入策略嗎？看起來它可能更像是一種軟件經常性收入模式。或者你們只是在一次硬件銷售中考慮這個問題？

I appreciate the question. We are not getting into that amount of detail. It is a product ecosystem, and we expect to have this as our first of many within that ecosystem. So more to come. Extremely excited about it. And what I would also add and emphasize is that the products that we've launched provide immediate and tangible value to the operators. So very excited about that and the future that the Snapshot I-V ecosystem can provide.

我很欣賞這個問題。我們不會深入討論那麼多細節。這是一個產品生態系統，我們希望將其作為該生態系統中的第一個產品。未來還會有更多。對此感到無比興奮。我還要補充和強調的是，我們推出的產品為運營商提供了直接、有形的價值。對此以及 Snapshot I-V 生態系統可以提供的未來感到非常興奮。

The next question comes from Derek Soderberg with Cantor Fitzgerald.

下一個問題來自德里克·索德伯格和坎托·菲茨杰拉德。

I also wanted to ask about the Snapchat -- or the Snapshot Wireless Gateway. If I'm not mistaken, that's the first gateway product that you guys have had. I'm curious, was this something that was developed at the request of a customer? Can you kind of walk me through where this came from? And maybe what's differentiated about the product on the hardware or software side?

我還想詢問有關 Snapchat 或 Snapshot 無線網關的問題。如果我沒記錯的話，這是你們擁有的第一個網關產品。我很好奇，這是應客戶要求開發的嗎？你能告訴我這是從哪裡來的嗎？也許該產品在硬件或軟件方面有什麼區別？

I appreciate the question, Derek. Thank you. This was a Shoal's innovation based on our -- just looking into the solar fields and what's needed. As you know, the inverters provide a certain amount of data. The other electronics in a solar field provide a certain amount of data.

我很欣賞這個問題，德里克。謝謝。這是 Shoal 的創新，其基礎是我們對太陽能領域及其需求的研究。如您所知，逆變器提供一定量的數據。太陽能場中的其他電子設備提供一定量的數據。

But what's lacking other than test tools that are manually carried into a field is string-level data. So this product can provide deeper penetration and visibility into solar field than we believe is available today. And we feel it provides a very nice differentiator for Shoals, and it does take us into the gateway space, and it does take us into the monitoring space where we've not been traditionally. So it is an adjacency for us, which I'm also excited about.

但除了手動帶入字段的測試工具之外，還缺少字符串級數據。因此，該產品可以為太陽能領域提供比我們目前認為的更深入的滲透和可見性。我們認為它為 Shoals 提供了一個非常好的差異化因素，它確實將我們帶入了網關空間，也確實將我們帶入了傳統上未曾涉足的監控空間。所以這對我們來說是一個鄰接關係，對此我也感到很興奮。

Yes. Got it. That's helpful. And then just on international growth, I think in the prepared remarks, you mentioned, I think, talked a bit about manufacturing footprint internationally. I was wondering if you can expand on that, how you might acquire that or what that might look like getting that footprint.

是的。知道了。這很有幫助。然後就國際增長而言，我認為在準備好的發言中，您提到了一些關於國際製造業足蹟的內容。我想知道你是否可以對此進行擴展，如何獲得它，或者獲得該足跡可能會是什麼樣子。

Yes. We're looking at each of the 3 markets on how we can best serve the customers that we have and those that are coming. Looking at all options. We're doing economic evaluations. We're speaking to the state and federal government equivalents in each of the markets. And our goal is to make sure that we are as competitive as we can be in meeting and exceeding our customer requirements through on-time deliveries, accelerated deliveries and a very cost-competitive solution.

是的。我們正在研究這三個市場中的每一個市場，以了解如何最好地為我們現有的和即將到來的客戶提供服務。查看所有選項。我們正在做經濟評估。我們正在與每個市場的州和聯邦政府同等機構進行交談。我們的目標是通過準時交付、加速交付和極具成本競爭力的解決方案，確保我們在滿足並超越客戶要求方面具有盡可能的競爭力。

I'm not at a point where I can talk about how we fulfill that. We've got ideas, but it would be a bit too early to talk about on an earnings call.

我現在還不能談論我們如何實現這一目標。我們有一些想法，但在財報電話會議上談論還為時過早。

The next question comes from Brett Castelli with Morningstar.

下一個問題來自晨星公司的布雷特·卡斯泰利。

Just wanted to come back to the backlog and awarded orders up, I think, 4% or so sequentially. Just curious, would you equate that to just more seasonality and sort of overall customer activity? Or any changes you're seeing in terms of close rates with customers look like?

只是想回到積壓訂單並授予訂單，我認為，連續增加了 4% 左右。只是好奇，您是否會將其等同於更多的季節性和整體客戶活動？或者您在與客戶的親密率方面看到了什麼變化？

Yes. Brett, a couple of things I would point you to. One is that we had a record revenue quarter, $119 million that came directly out of backlog and converted to revenue. We replace that in backlog and awarded orders and also then grew sequentially over first quarter. So we feel very good about our visibility that's being derived from that, backlog and awarded orders.

是的。布雷特，我想向你指出一些事情。一是我們的季度營收創歷史新高，1.19 億美元直接從積壓訂單中產生並轉化為收入。我們將其替換為積壓訂單和已授予訂單，然後在第一季度連續增長。因此，我們對從積壓訂單和已授予訂單中獲得的可見度感到非常滿意。

And we also mentioned our quoting activity, I believe, in the Q that continues at a very robust pace through Q1 into Q2. So that's also a more forward indicator that the market is strong and Shoal's position within it also is strong.

我相信，我們還提到了我們的報價活動，從第一季度到第二季度，報價活動持續以非常強勁的速度進行。因此，這也是一個更前瞻性的指標，表明市場強勁，而且 Shoal 在其中的地位也很強。

And then just curious, an update on sort of solar-plus-storage and what you're seeing in terms of storage quoting activity relative to maybe recent history.

然後只是好奇，關於太陽能加存儲的更新以及您所看到的相對於最近歷史的存儲報價活動。

Yes, a couple of things. One is we're continuing to fulfill the projects that have been awarded. We announced a big one last year. We're fulfilling that one at an expected and fantastic pace from the customer's perspective.

是的，有幾件事。一是我們將繼續完成已授予的項目。去年我們宣布了一項重大計劃。從客戶的角度來看，我們正在以預期的、出色的速度實現這一目標。

The quoting activity continues for the attached storage market. We're also seeing an increase in request for attached storage and EV charging deployments, which is a different footprint than utility-based solar, but it is a storage opportunity. So we're looking at each of those. The market itself is still very, very large. And what we're working through right now is finalizing value proposition. We're working with those customers that are sending us quotes, and we are seeing an increase in requested for attachment rates.

附加存儲市場的報價活動仍在繼續。我們還看到對附加存儲和電動汽車充電部署的需求有所增加，這與公用事業太陽能的佔地面積不同，但這是一個存儲機會。所以我們正在研究其中的每一個。市場本身還是非常非常大的。我們現在正在努力完成價值主張。我們正在與那些向我們發送報價的客戶合作，我們發現附件率請求有所增加。

The next question comes from Donovan Schafer with Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Donovan Schafer。

Congratulations on the quarter. I want to first ask about -- I know you don't break out EV as a separate segment or international right now. The extent of breaking things out kind of comes down to more sort of like system sales versus component sales, all effectively, presumably or sort of predominantly within solar.

祝賀本季度。我想首先問一下——我知道你們現在並沒有將電動汽車作為一個單獨的細分市場或國際市場來劃分。突破的程度更多地取決於系統銷售與組件銷售，所有這些都是有效的，大概或者主要是在太陽能領域。

But these are important growth initiatives for you guys, international and EV. And so presumably, there will be some point in the future where you would start to break out, provide some of those numbers, either doing it in segments where you have solar segment and EV segment or you do a domestic and international, something like that.

但這些對於國際和電動汽車來說都是重要的增長舉措。所以想必，在未來的某個時刻，你會開始突破，提供其中一些數字，要么在太陽能細分市場和電動汽車細分市場進行，要么在國內和國際市場進行，類似的事情。

And so my question, I know and I'm very sympathetic to you don't want to say, okay, here's when we would disclose revenue numbers for EV. But what would be good to know is kind of putting an outer bound on it in terms of like when do you think it would be appropriate for us as analysts or investors or to kind of actually be bugging you about it?

所以我的問題是，我知道並且我非常同情你不想說，好吧，這是我們披露電動汽車收入數據的時候。但最好知道的是，給它設置一個外部界限，比如你認為什麼時候適合我們作為分析師或投資者，或者實際上會為此困擾你？

I think it's fair to allow a certain time for business to you guys to figure things out and allow growth. But is it a year from now, 2 years from now, 3 years from now where in your view, it would be -- that's the point where it would be fair or appropriate for us to kind of be really bugging you guys about that? Kind of what's the outer range there?

我認為給你們企業一定的時間來解決問題並允許增長是公平的。但在你看來，一年後、兩年後、三年後，我們真的會為這件事困擾你們嗎？這是公平或適當的嗎？那裡的外部範圍是多少？

So Donovan, this is Dominic. Let me jump in on that one because from a financial reporting standpoint, there's a couple of things that will lead into that. First and foremost, as we've said in our Q, we are still predominantly domestic and we're still predominantly solar driven, as you can tell.

多諾萬，這是多米尼克。讓我來談談這個問題，因為從財務報告的角度來看，有幾件事會導致這一點。首先也是最重要的，正如我們在問題中所說，我們仍然主要是國內的，而且我們仍然主要是太陽能驅動的，正如你所知。

The growth in our company came from different ways than it was anticipated 3 years ago. And so as the company pivoted to take advantage of the incredible domestic growth in domestic solar, some of the other things while they're still growing and the investments are being made, it's still not at a point of significance and predictability that we want to have for you.

我們公司的增長來自於與三年前預期不同的方式。因此，當該公司轉向利用國內太陽能令人難以置信的國內增長時，其他一些事情雖然仍在增長並且正在進行投資，但仍然沒有達到我們希望的重要性和可預測性。有給你的。

One of the things that we're doing with Brandon joining over the next few months is we're really refining these things and hope to have an Analyst/Investor Day in the first quarter of next year, and we'll be able to lay that out for you.

在接下來的幾個月裡，我們在布蘭登加入後所做的事情之一是，我們正在真正完善這些事情，並希望在明年第一季度舉辦分析師/投資者日，我們將能夠奠定基礎為你準備的。

Right now, you're right. We just are not in that position that we can really break those things out and tell you when it's going to be right because domestic solar keeps growing, and as it keeps growing at this outpaced rate, it's kind of pushing the other percentages down.

現在，你是對的。我們只是無法真正把這些事情分解出來，並告訴你什麼時候是正確的，因為國內太陽能不斷增長，而且隨著它持續以這種超快的速度增長，它在某種程度上壓低了其他百分比。

So that's where we are. We look forward to being able to share that with you. They are tremendous markets and tremendous opportunities for the company, but we're just not at a point where we can tell you when that will be.

這就是我們現在的情況。我們期待能夠與您分享這一點。對於公司來說，它們是巨大的市場和巨大的機會，但我們還不能告訴你什麼時候會實現。

Okay. That's very helpful. So I look forward to the Analyst Day sort of broadly. And then as a follow-up, just because you guys have such fantastic market share, I figure you're a pretty good one to check in on anything you're seeing on your radar around projects being delayed at all.

好的。這非常有幫助。所以我對分析師日充滿期待。然後作為後續行動，僅僅因為你們擁有如此出色的市場份額，我認為你們是一個非常好的人來檢查您在雷達上看到的有關項目延遲的任何事情。

I mean your results seem to suggest that, that is likely not the case, but I figure I might as well ask directly. If you're seeing projects in the U.S. seeing delays because of the Uyghur Forced Labor Prevention Act, customs detaining panels or developers facing long interconnection queues, running into permitting issues. Anything on that front that you're seeing that's making things go slower than you're hoping for or otherwise expect in the U.S.?

我的意思是你的結果似乎表明，情況可能並非如此，但我想我不妨直接問。如果你看到美國的項目因《維吾爾強迫勞動預防法》而出現延誤，海關扣留小組或開發商面臨著排長隊，遇到許可問題。您在這方面看到的任何事情導緻美國的事情進展得比您希望或預期的要慢嗎？

Yes. I appreciate the question, Donovan. This is Jeff. We've not seen any delays to projects due to UFLPA, general panel availability, labor market and grid interconnections. We're watching those really closely. And depending on the market you're in, whether it's domestic solar or some of the international markets, those factors weigh differently. So we're watching each.

是的。我很欣賞這個問題，多諾萬。這是傑夫。我們沒有看到任何由於 UFLPA、面板可用性、勞動力市場和電網互連而造成的項目延誤。我們正在密切關注這些情況。根據您所在的市場，無論是國內太陽能還是某些國際市場，這些因素的權重有所不同。所以我們正在觀察每一個。

One of the advantages that we have at Shoals is that we are typically brought into a customer after the developer has chosen their EPC. So that typically means that, number one, the permit is either approved or well underway, and that they have sourced their panels already and know where those are coming from. So there's a higher degree of certainty once we're awarded. And Slide 34 in the -- at our deck provides a little guidance on that. And then also, there's a complexity from trying to calculate market share is that our products are typically shipped 6 to 9 months before this field goes live.

Shoals 的優勢之一是，我們通常是在開發商選擇 EPC 後才接觸到客戶的。因此，這通常意味著，第一，許可證要么已獲得批准，要么正在順利進行中，並且他們已經採購了面板並知道這些面板來自哪裡。因此，一旦我們獲獎，確定性就更高。我們的幻燈片 34 對此提供了一些指導。此外，計算市場份額的複雜性在於我們的產品通常在該領域上線前 6 到 9 個月發貨。

So our product goes out the door. The site is then finalized, commissioned, energized thereafter and then they might show -- and then the electron show up in the analyst reports. So there's a high degree of lead and lag built into our time frame that gives us stronger visibility and a little bit higher certainty.

所以我們的產品就被淘汰了。然後該網站將完成、調試、通電，然後他們可能會展示——然後電子就會出現在分析報告中。因此，我們的時間框架中存在高度的超前和滯後，這使我們具有更強的可見性和更高的確定性。

But we are continuing to watch because UFLPA and AD/CVD impacted the entire market last year, and we want to make sure we're not impacted this year or going forward.

但我們仍在繼續關注，因為 UFLPA 和 AD/CVD 去年影響了整個市場，我們希望確保今年或未來不會受到影響。

This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

問答環節和今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。